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Century Business Credit Corp. v. North Fork Bank
Citations: 246 A.D.2d 395; 668 N.Y.S.2d 18; 1998 N.Y. App. Div. LEXIS 290
Court: Appellate Division of the Supreme Court of the State of New York; January 14, 1998; New York; State Appellate Court
The Supreme Court of New York County, under Justice Charles Ramos, affirmed the dismissal of the plaintiff's complaint against the defendant bank, with costs. The appeal from the prior order granting the defendant’s motion for summary judgment was dismissed as it was subsumed within the appeal from the judgment. The court found that the plaintiff's claim for conversion was properly dismissed because the Loan Security Agreement and the Blocked Account Agreement clearly indicated that the borrower maintained dominion and control over its deposits with the bank, not the bank itself. Additionally, the negligence claim was dismissed; the court determined that imposing a duty on banks to monitor depositors' financial activities to protect creditors would unreasonably expand the banks' responsibilities. The court also reviewed and rejected the plaintiff's other arguments, including the need for further disclosure, deeming them without merit. The decision was concurred by Justices Rosenberger, Williams, Andrias, and Colabella.